Continental Focus, International Reach

Tower Secures Rig for Thali Well

Monday, December 10, 2018

Tower Resources’ unit in Cameroon, Tower Resources Cameroon, signed a contract with Vantage Drilling International for use of the Topaz Driller jack-up rig. The rig will be used to drill Tower’s NJOM-3 well.

The well is located on Tower’s 100% owned and operated Thali license offshore Cameroon. The company expects to spud the well in Q2 2019.

The Topaz Driller was recently mobilized to Cameroon by NewAge as operator for the Etinde license for two appraisal wells and is currently employed in Gabon.

The NJOM-3 well will be targeting gross mean contingent (2C) resources of 18 million barrels across the Njonji-1 and Njonji-2 fault blocks located in the south of the Thali license with an EMV10 of $118 million, as identified by the recent Oilfield International Limited (OIL) Reserves Report. Furthermore, the NJOM-3 well is expected to de-risk an additional 20 million barrels of gross mean prospective resources across Njonji South and Njonji South-West.

The objectives of the NJOM-3 well are to test the thickness of reservoirs already identified by NJOM-1 and also to test for other reservoirs which may be present at the new location. It will also provide key flow-rate data for the Njonji reservoirs from a drill stem test (DST), which would allow reclassification of contingent resources into 2P reserves as well as providing critical reservoir characterization data for the potential field development strategy.